Market Vectors Africa Index ETF (AFK)

"There is no longer any possibility of mutual understanding with this regime and he has no choice but to surrender authority to the people," says the head of Yemen's opposition after today's massacre in which 42 were shot dead and hundreds wounded by security forces.

Perhaps feeling his oats after the UNSC no fly zone vote, Sec. General Ban Ki-moon calls King Hamad of Bahrain to express concern over that country's recent step-up in force against protesters, noting "such actions could be in breach of international ... human rights law."

Dozens are injured as security forces use live rounds and tear gas to deal with demonstrators in Yemen. President Saleh, in power for 32 years and presumably backed the U.S., brushes off calls to step down, saying he will retire after 2013 elections.

Gaddafi forces attack Misrata, the last rebel held city in the Western part of Libya. Saif al-Islam, Gaddafi's son, indicates loyalist forces may not attempt to enter Benghazi because of the just-approved U.N. resolution. April crude +0.5% at $102.63.

Breaking: The U.N. Security Council, by a vote of 10-0 with 5 abstentions, authorizes a no-fly zone and "all necessary measures" to protect civilians in Libya. Military strikes are expected within hours. April crude pops another $1 to $102.77/barrel.

In a rare nationwide address planned for tomorrow, Saudi King Abdullah will announce the replacement of several government ministers, an anti-corruption drive, and an increase in food subsidies in an attempt to placate his citizens.

Al Jazeera reports French foreign minister Alain Juppe and French PM Francois Fillon as both saying military action can and should start quickly following an affirmative vote from the UNSC. The vote remains scheduled for 6PM ET.

Saying there "won't be any mercy." Gaddafi tells Benghazi residents, "we are coming tonight." Providing a bit of perverse comedy during tragedies occurring in Libya and elsewhere, he tells the people to thank God Libya isn't as bad as Japan.

Responding to news the UNSC has scheduled a vote on a resolution authorizing military force, Libya threatens to retaliate with attacks on both civilian and military targets, including air and maritime traffic in the Mediterranean.

Iran recalls its ambassador from Bahrain to protest the crackdown on Shiite protesters. The focus shifts from whether democracy could flourish to whether the Sunni model or the Iranian Shiite model of governance will win the day.

Bahraini security forces make good on their promise to clear the Pearl Roundabout, using tear gas to disperse demonstrators. Secretary of State Clinton calls on the government to begin talks with protesters, but, given events in Libya, it's unlikely Bahrain's rulers are listening.

"The moment has passed," says French foreign minister Alain Juppe about NATO's chance for a no-fly zone over Libya. Instead, Western governments now work on a strategy to deal with a triumphant Gaddafi in the coming years.

The Bahraini military intends to clear out protesters tonight from the Pearl Roundabout, where demonstrations have been taking place since mid-February. This follows the imposition of martial law earlier today and the entry of Saudi troops into the country yesterday.

The Africa Index ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors GDP Africa Index (MVAFKTR). The Index provides exposure to publicly traded companies that are headquartered in Africa or that generate the majority of their revenues in Africa. As such, the Fund is subject to the risks of investing in this region.
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